Consumers prefer ads that are tailored to their interests, while at the same time they want less invasive advertising. This means that marketers and advertisers need to find ways to achieve their financial objectives without stalking internet users across devices using data from third-party sites. Digital marketing strategies need to become more creative as consumers tired of bombardment and forced acceptance of cookies to access basic information are choosing to restrict access to their data by invoking their rights as per privacy laws.
Let’s look at the potential impact on agencies, brands, publishers and consumers.
For Agencies And Brands:
The migration away from third-party cookies means that agencies and brands are finding it more difficult to justify spending. Cookie-based data is the most commonly used data in digital marketing campaigns. The lack of cookie-based tracking and less clarity surrounding online consumer behaviours makes make it more difficult to validate digital campaign effectiveness.
The loss of third-party cookie data makes it more difficult to deliver relevant offers based on their internet activity. Algorithms can no longer be used as effectively to show personalized ads to consumers, meaning that some people might be shown advertising that is of little or no interest to them.
For Publishers:
A Google study attempted to quantify the potential impact that disabling third-party cookies would have on programmatic ad revenue for publishers. The results showed the average revenue decreased by 52{21dc2fe1b43c4cf57a2e25a56b286f09fbb32a45ddf34dcf04be366972dd7b06} for the top 500 global publishers.
If publishers are unable to use third-party data, it means they are less able to value and monetize their traffic. While this presents publishers with challenges, it will mean that internet users have more control over what they see. Asking people to sign up or submit details so that the publisher can send advertising means that not only is the lead already further down the sales funnel, they are also expecting higher quality content to follow, providing publishers with opportunities to create substance and value-adding content.
For Consumers:
With the elimination of third-party cookies, consumers gain a greater degree of privacy, data protection and control over how their online data is used. Laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have mandated a higher level of online privacy for consumers. These laws and requirements specifically address the way data is collected, used and shared through cookies.
While advertisers and marketers threaten that the loss of third-party data will mean that users have to pay for content that has often been provided free of charge, this is simply untrue. High-quality content is provided as a lead for potential customers, and the exchange of personal information for that content is already an agreed practice. The exchange of private information to third parties is simply an additional revenue stream behind the scenes that has been exploiting internet users and flooding their devices with advertising that is often crude, invasive or irrelevant.
Conclusion
Marketing requires intelligence. Using huge amounts of data to flood the social media, inbox and landing page of internet users is like shouting at a person across a busy freeway; they aren’t listening and you can’t be heard.
If you want people to find you, take your business seriously and respond to your brand, it is time to move away from the aggressive advertising strategies used since the 1950s and start connecting with people. Customers want information that is relevant, easy to digest (meaning communicated in sophisticated ways, not dumbed down) and fast to access. Providing people with the tools they need to answer questions is the best way to find your potential leads. SEO is still the best way to reach those who are looking for answers, and that way you can be specific, answer needs and secure sales fast.
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